{"id":11600,"date":"2021-05-20T16:37:40","date_gmt":"2021-05-20T15:37:40","guid":{"rendered":"https:\/\/www.westwoodenergy.com\/?p=11600"},"modified":"2023-10-03T13:37:38","modified_gmt":"2023-10-03T12:37:38","slug":"westwood-record-number-of-fpso-licenses-set-to-expire-in-2022","status":"publish","type":"post","link":"https:\/\/www.westwoodenergy.com\/news\/press-releases\/westwood-record-number-of-fpso-licenses-set-to-expire-in-2022","title":{"rendered":"Record number of FPSO licenses set to expire in 2022"},"content":{"rendered":"

Analysis highlights opportunity to repurpose FPSOs for marginal field development<\/em><\/h4>\n

 <\/p>\n

Aberdeen, UK, 19 May 2021:<\/strong> New analysis from Westwood Global Energy Group (Westwood), the specialist energy market research and consultancy firm, reveals the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average of ~3 since 2015, with the potential of 30 units becoming available by end of 2022.<\/p>\n

Westwood\u2019s Global Floating Production Systems (FPS) report notes under a scenario where no contract extensions are taken on current leased FPSOs, 14 additional units would become available in 2022. Alternatively, if all available extension options were taken, nine units would come off-contract adding to the 16 units currently awaiting upgrade or redeployment. Of those coming off contract in 2022, 36% are 40+ years old and are potential candidates for scraping.<\/p>\n

Mark Adeosun, Senior Analyst at Westwood said: \u201cThis outlook uncovers a risk for FPS lease contractors such as BW Offshore and Modec who have recently enjoyed resurgent EPC activity but are now facing potentially significant backlog and revenue issues in the operations and maintenance part of their businesses.\u201d<\/p>\n

However, the analysis also highlights upside potential for E&Ps sitting on marginal reserves. These operators could take advantage of the current rebound in oil prices and FPSO availability to accelerate project sanctioning and in turn enjoy more cost-effective field development.<\/p>\n

Adeosun continues: \u201cThere has been significant growth in FPS orders since 2016 and that improved market sentiment has translated into operators revisiting projects previously stalled by the 2020 oil price crash. We expect to see up to 17 FPS awards, valued at ~$18bn over 2021, up 72% on our Q4 2020 outlook. This underlines the importance of near real-time data and analysis when market dynamics are moving rapidly to ensure you stay ahead of the competition.\u201d<\/p>\n

The report was compiled from Westwood\u2019s PlatformLogix<\/strong> <\/a>solution, which covers global fixed and floating production facilities with data on 13,000+ units.<\/p>\n

ENDS<\/strong><\/p>\n

About Westwood Global Energy Group<\/strong>
\nEvery day, organisations throughout the onshore and offshore upstream energy value chain ask strategic, technical and commercial questions and turn to Westwood Global Energy Group for the answers. As trusted advisors to companies in key sectors, Westwood Global Energy Group chooses to focus on areas of the industry traditionally underserved by other players.<\/p>\n

The Energy Transition means that businesses are facing both new opportunities and risks in how they operate. We are committed to helping the energy industry navigate the transition successfully, by leveraging our extensive track record in providing actionable insight and advice that businesses, industry bodies and investors have relied upon time and time again. From the depth of our data to the insight from our industry experts, our commercial advisory to our quantitative techniques and databases \u2013 we insist on excellence in everything we do.
\nWestwood Global Energy Group is headquartered in Aberdeen and has offices in London, Houston and Singapore.<\/p>\n

Media contact
\nMegain Buchan, Aspectus<\/strong>
\nMegain.buchan@aspectusgroup.com
\n+44(0)7490401410<\/p>\n","protected":false},"excerpt":{"rendered":"

Analysis highlights opportunity to repurpose FPSOs for marginal field development   Aberdeen, UK, 19 May…<\/p>\n","protected":false},"author":5,"featured_media":11601,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[353,48,445,341,329,50,335,334,336],"tags":[],"class_list":{"0":"post-11600","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all_articles","8":"category-news","9":"category-offshore-energy-services","10":"category-offshore-epc","11":"category-platformlogix","12":"category-press-releases","13":"category-sectors","14":"category-solutions","15":"category-subsectors"},"acf":[],"yoast_head":"\nRecord number of FPSO licenses set to expire in 2022 - Westwood<\/title>\n<meta name=\"description\" content=\"Analysis from Westwood reveals the number of FPSO leases set to expire in 2022 is significantly higher than the yearly average. 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